【私募调研记录】高毅资产调研宏发股份

Group 1 - The core viewpoint of the news is that Hongfa Technology has achieved high-quality growth in the first half of 2025, with significant growth across multiple business areas and a per capita revenue of 654,000 yuan, representing a year-on-year increase of 8.9% [1] - The gross profit margin is significantly influenced by the growth rate of business scale, with continuous improvement in per capita efficiency driving the gradual increase in gross profit margin [1] - The automotive relay products have excellent quality, and the high-capacity control box products have gained customer recognition, solidifying the company's market position [1] Group 2 - The penetration rate of electric vehicles in Europe is increasing, and the company is expected to continue benefiting from this trend, with further strengthening of its market layout in Europe [1] - The industrial relay business has shown good recovery growth, with a diversified downstream application field and a favorable industry competition landscape [1] - The high-capacity control box initially served Toyota and has since expanded to leading domestic automotive manufacturers and battery factories, actively exploring overseas markets [1] Group 3 - The company has established production bases in Indonesia and Germany, with a core management team that possesses rich experience [1] - The relay business continues to consolidate its leading advantage, and new product categories are expected to enter a rapid development track [1] - The order intake and backlog maintain a good level of prosperity, and a stable global economic environment is expected to sustain this positive outlook [1]